Smithfield To Buy Land For Park

Council Picks Bank For Loan

August 06, 1997|By JUDI TULL Daily Press

SMITHFIELD — The Town of Smithfield on Tuesday signed a contract with Gwaltney Realty to purchase property for a park, and Town Council voted Tuesday night to accept a bid from Farmers Bank to finance the project.

The bank was one of three that submitted bids by Friday's deadline. Farmers Bank offered to finance the $1 million general obligation bonds at a fixed rate of 5.08 percent over 10 years. The purchase price for the property on N. Church Street is $750,000; the remainder will be used to demolish the existing shopping center and rehabilitate the site to make way for a town park, shelter and parking lot.

Town officials hope to close on the property before Sept. 1 and to begin the site work by the end of the year, said Town Manager Peter Stephenson.

RISING STAR. Council members also voted Tuesday night to link the Rising Star community to the town's water system. The small community on Battery Park Road has had water problems for more than a decade, but Isle of Wight county officials have recently refused to make repairs because the area will become part of Smithfield after the anticipated annexation occurs at the beginning of next year.

The town council committed up to $6,000 to the project Tuesday night, but will ask the Isle of Wight Board of Supervisors to contribute to the cost since the community is within the county boundaries.

Councilman Dan Smith told about a dozen residents of Rising Star who attended the council meeting that he regretted they had been treated badly by the county.

"I'm sorry you all didn't get any relief from them," Smith said. "They should have done this work. The buck is being passed here. They figure it's going to be our problem."